The health and wellness sector maybe booming but the Neptune Wellness Solutions (NASDAQ:NEPT) stock has had a pretty rough time over the course of the past month. During the past month, the stock has suffered from a selloff and has tanked by as much as 16%.
Yesterday, the company was in the news again after Neptune Wellness announced that on August 30, 2021 it was sent a notice by NASDAQ with regards to the fact that it was no longer in compliance with the exchange’s rules. As per the notice, it was noted that the Neptune Wellness stock was not compliant with the rule related to minimum bid price requirement.
As per that particular rule, the minimum bid price of the common shares of a company must be at least $1 and Neptune Wellness failed to meet that compliance. While it is a setback for Neptune Wellness, it should also be noted that the company has been given a period of as many as 180 calendar days within which it can regain compliance.
The deadline for regaining compliance is February 28, 2022. It now remains to be seen if the company can actually regain compliance ahead of the deadline.